"Atsumasa Tochisako's $2 million, 60-employee microfinance and remittance processing upstart, Washington [D.C.]-based Microfinance International (MFIC), wants to shake up the $268 billion worldwide remittance industry, traditionally dominated by Western Union (WU)."
"With more than 30 million potential customers and 20,000-plus agent locations, MFIC will see its remittance processing capability expand from its current reach of 10 countries in Latin America to 85 countries, with additional locations in Asia, Eastern Europe, and Northern Africa."
"Tochisako, a 53-year-old former Japanese banker, says he doesn't want to create the next Western Union. He's more interested in proving to the world that a financial services company can benefit poor people and make money by adapting traditional microfinance models to serve immigrant populations in the U.S. and underserved people in the developing world, a goal he set for himself after witnessing abject poverty in Mexico while first working there in 1979."
International Personnel Management, LLC (IPM) is positioned to link companies like Microfinance International with public authorities and civil societies to facilitate economic growth and increased personnal lifestyles in developing countries.
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